The Ultimate Privacy Trusts Quiz

Your financial data might be easier to access than you know. With a privacy trust, however, you can secure your data, and protect yourself against scams and predatory law suits. Are you at risk? Take our quiz to find out whether a privacy trust is right for you.

Start Quiz »

You scored

0 out of 15

Question 1 of 15

Which of these financial details enters the public record when you own a home?

bank statements

home equity

Like it or not, your current home equity is a matter of public record.

social security numbers

Question 2 of 15

Where can one go to search your public financial data?

the National Archives

county and state databases

Most states and counties keep public databases that are accessible from the Internet.

a U.S. Post Office

Question 3 of 15

How do privacy trusts ensure anonymity?

They don't use your name or your social security number.

A privacy trust will manage all of your financial paperwork under an account listing that does not include your name or your Social Security number.

All records are permanently sealed.

A privacy trust uses a fake name, or alias.

Question 4 of 15

In a privacy trust, what does the company you hire as your trustee manage?

your budget

your assets

your financial documents

The purpose of a privacy trust is to secure the privacy of your financial paperwork and data.

Question 5 of 15

Which of these terms refers to a person who establishes a trust?

a trustee

a beneficiary

a grantor

The person who establishes a trust is referred to as a grantor.

Question 6 of 15

The party that manages a trust is called which of these?

a trustee

The third party, whose job is to manage the trust, is called the trustee.

a beneficiary

an officiate

Question 7 of 15

When you set up a privacy trust for yourself, you simultaneously carry which two titles?

trustee and grantor

grantor and beneficiary

The beneficiary is the person who benefits from the loan. The person who established it is the grantor. In the case of a privacy trust you are both.

beneficiary and trustee

Question 8 of 15

Who should you consult before choosing a trustee?

an estate-planning specialist

Choosing the right privacy trust requires a lot of knowledge about estate law. Speak with an estate planner before finalizing your decisions.

a constitutional scholar

a tax attorney

Question 9 of 15

Which of these should you make sure applies to the company you choose to manage your trust?

They should be licensed and regulated.

If you're going to give someone access to your financial data, you should make sure they are licensed and regulated. Otherwise you might be dealing with a complex scam.

They should be well funded.

They should deal exclusively in privacy trusts.

Question 10 of 15

By which of these should your trust manager be regulated?

the U.S. Attorney's Office

the Internal Revenue Service

the banking industry

Trusts are often licensed by the banking industry, which oversees their management methods.

Question 11 of 15

What does LLC stand for?

Licensed Legal Corporation

Limited Liability Company

A Limited Liability Company is kind of business partnership that is usually used a tax shield.

Localized Losses Cap

Question 12 of 15

The fact that a privacy trust is revocable means that you may do which of these?

You don't have to pay them.

You can terminate the trust at any time.

You are not required to keep a privacy trust for a set period of time. You may dissolve it at any time, in accordance with the contract you've signed.

You can use a false social security number.

Question 13 of 15

How can a privacy trust protect you in cases of a lawsuit?

It shields your assets from the public record.

By keeping your financial data in a privacy trust, you can shield certain assets from a lawsuit.

It bars anyone from suing you for more than $1 million.

It ensures the trust's attorneys will represent you.

Question 14 of 15

A privacy trust is technically which of these?

a retirement account

a bank account

a living trust

All living trusts, including privacy trusts, are designed to manage your assets in one way or another, while you're alive.

Question 15 of 15

Opening a privacy trust could also help you accomplish which of these?